v3.26.1
Stockholders' Equity and Distributions
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity and Distributions Stockholders’ Equity and Distributions
The Company has issued and outstanding 187,174 thousand and 182,695 thousand shares of common stock as of March 31, 2026 and December 31, 2025, respectively. The Company currently sells shares through its equity distribution agreements (the “2024 Equity Distribution Agreements”) with Citizens JMP Securities LLC and Jefferies LLC (the “Sales Agents”) entered into on December 12, 2024. The 2024 Equity Distribution Agreements provide that the Company may offer and sell up to 30.0 million shares of its common stock from time to time through the Sales Agents. Sales of the Company's common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.
The Company issued and sold the following shares of common stock during the three months ended March 31, 2026 and 2025:
(in millions, except per share data)
Three Months Ended March 31,Number of Shares IssuedGross ProceedsUnderwriting Fees/Offering ExpensesNet ProceedsAverage Price/Share
20263.5$52.9 $0.9 $52.0 $14.70 
20252.0$40.1 $0.7 $39.4 $19.71 
The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of March 31, 2026, approximately 15.3 million shares remain available for issuance and sale under the 2024 Equity Distribution Agreements.
The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the three months ended March 31, 2026 and year ended December 31, 2025:
(in thousands, except per share data)
Distribution TypeDeclared DateRecord DatePayment DatePer Share AmountTotal Amount
BaseFebruary 6, 2025February 26, 2025March 5, 2025$0.40 $69,263 
SupplementalFebruary 6, 2025February 26, 2025March 5, 20250.07 12,121 
BaseApril 23, 2025May 13, 2025May 20, 20250.40 70,709 
SupplementalApril 23, 2025May 13, 2025May 20, 20250.07 12,374 
BaseJuly 24, 2025August 12, 2025August 19, 20250.40 72,671 
SupplementalJuly 24, 2025August 12, 2025August 19, 20250.07 12,717 
BaseOctober 23, 2025November 12, 2025November 19, 20250.40 72,688 
SupplementalOctober 23, 2025November 12, 2025November 19, 20250.07 12,720 
Total distributions declared during the year ended December 31, 2025$1.88 $335,263 
BaseFebruary 4, 2026February 25, 2026March 4, 2026$0.40 $73,815 
SupplementalFebruary 4, 2026February 25, 2026March 4, 20260.07 12,918 
Total distributions declared during the three months ended March 31, 2026$0.47 $86,733 
During the three months ended March 31, 2026, for income tax purposes, the distributions paid of $0.47 per share were from ordinary spillover earnings from 2025. As of March 31, 2026, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.80 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements.
The Company has a distribution reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend record date. During the three months ended March 31, 2026 and 2025, the Company issued 153,423 and 121,743 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.